Lion Group to invest in steel capacity expansion
Malaysia's largest steelmaker Lion Group is planning to invest Ringgit 5.48 billion ($1.45 billion) in the next five years in order to increase its steel
production capacity.
The company is, reportedly, planning to build a new direct reduced iron plant for Ringgit 1 billion ($264.6 million), and a
plate mill. The company is also planning to build an 600 MW power plant for the new
production lines with Ringgit 1.6 billion ($423.26 million) investment..
Other major projects include a Ringgit 1.2 billion worth blast furnace, coke oven and sintering plant and a Ringgit 640 million ($169.3 million) worth
plate rolling mill.
The plant is expected to begin operations in 2006. DRI
production will help company to reduce dependence on
scrap as raw materials for
steelmaking and enable the
production of high grade steel.